6 Things We Learned About Cryptocurrency in 2017

As 2017 comes to a close, let’s take a moment to reflect on everything we’ve observed from the crypto world this year. If you haven’t been following the news about bitcoin or cryptocurrency, this article can serve as a recent history of the crypto world.

Bitcoin Is Becoming Mainstream

The growing popularity of bitcoin is twofold: the number of investments flowing into the cryptocurrency and a growing acceptance of the currency as payment for goods and services.

Cryptocurrencies Are Still Unstable

If you were hoping that the stability of cryptocurrencies would be directly proportional to its popularity then you are probably disappointed with the neck-breaking ups and downs of the cryptocurrency market.

If you don’t get a minute by minute update you may miss out on huge price jumps or drops. In late 2017, we saw huge swings in price within just hours. The high volatility in bitcoin price partly was the deciding factor that led Steam to no longer accept bitcoin as an accepted currency.

ICOs Are the New Investing Platform

Startup businesses have flocked to the cryptocurrency landscape in order to gain investments through Initial Coin Offerings (ICO). Companies have been able to raise several million dollars during their ICO by utilizing digital currency as equity in the said company. It’s clear that ICOs are attracting major investors and casual investors alike. To further understand ICOs, read What Is an ICO?

Bitcoin and Ethereum Are the Big Players

With many hard forks taking place and threatening (most notably the SegWit2X) bitcoin this year, many wondered if bitcoin would still retain its dominance in the cryptocurrency world. Through it all, bitcoin has managed to remain the highest valued cryptocurrency. With so many other cult bitcoin currencies (bitcoin cash, super bitcoin, bitcoin gold, and bitcoin diamond) we will see if bitcoin can sustain its prowess in the coming year.

With the number of businesses funding their launch through ICOs, the number of altcoins will continue to rise. With GBTC being traded on the NASDAQ we may see bitcoin and altcoins being traded on large trading platforms in the near future.

Regulations Will Be the Story of 2018

Cryptocurrency legality was a hot topic in 2017 and is shaping up to get even hotter in 2018. In many countries (like Bolivia and Saudi Arabia) using or mining cryptocurrencies have been banned outright. Other countries (like Israel) have imposed a tax on bitcoin transactions. And still, there are many countries that have not yet decided if or how to regulate the use of cryptocurrencies.

Conclusion

With cryptocurrencies becoming more popular expect to see major alterations and shifts take place in the prices. You should also brace yourself for regulations to be passed in the country you reside this coming year. Needless to say, this is an exciting time to be invested in cryptocurrency.